Business

  President Yoweri Museveni has received and held a meeting at State House, Entebbe, with a delegation from the Rockefeller Foundation led by Foundation’s president Dr. Rajiv Shah. The Foundation CEO has prioritized the East African Region since he took office on March 1st this year. The Rockefeller Foundation support …

Banks setting up company to wipe bad loans off their balance sheets After years of struggling to cope with borrowers failure to pay loans, Ugandan commercial banks have come together to form a joint company to deal with the problem on their behalf. Formation of the company currently called the …

Two outlets to be closed in Kampala in the new plan Regional retail chain, Nakumatt Holdings, is targeting Ksh1.5billion (Shs51.1bn) in cost cuts annually with the closure of several branches across East Africa starting this month. The chain has already closed Katwe outlet in Kampala over accumulated rent arrears estimated …

Rachel Grimes is the President of International Federation of Accountants (IFAC), the global umbrella body for all accountants. The Independent’s Julius Businge spoke to her at the opening of the five day 4th Africa Congress of Accountants (ACOA) held in Kampala from May 2-5.   How important is this meeting to …

Australia| FINANCIAL REVIEW| No more petrol or diesel cars, buses, or trucks will be sold anywhere in the world within eight years. The entire market for land transport will switch to electrification, leading to a collapse of oil prices and the demise of the petroleum industry as we have known …

Pirelli tyres sales to grow 20% in the next six months City Tyres, a subsidiary of Mandela Group of Companies in Uganda, expects a 20% growth in sales for Pirelli tyres in the next six months on the back of the ongoing new Formula One (F1) campaign. Mandela Group of …

  Push for regional logistics hub status is `selfish’ says Museveni Uganda is grappling with a logistical nightmare of importing tonnes of machinery for its nascent oil industry but, in a classic move of seizing opportunity in a crisis, operators are seeking to turn the country into an East African …

Presidents Yoweri Museveni and John Pombe Magufuli have signed a pact expressing their intent to go ahead with the construction of a oil pipeline from Uganda to Tanzania. The two leaders on Sunday signed a communique agreeing to start construction of the East African Crude Oil pipeline (EACOP) project that is …

Ugandan traders reacted with glee when parliament inserted a clause in the Income Tax Amendment Bill prohibiting charging of rent in dollars. The clause stipulates that all agreements on rent shall be executed and effected in no other currency other than Ugandan shillings. This was the result of persistent complaints …

Beijing, China | AFP |  Slapping import bans on products like mangoes, coal and salmon has long been China’s way of punishing countries that refuse to toe its political line. But Beijing has shown that it can also hurt others by cutting a lucrative Chinese export: tourists who normally flock …